SL Industrial Partners, an affiliate of The Silverman Group, has sold a 402,390-square-foot, fully occupied industrial facility in Concord, N.C. The buyer is Stonelake Capital Partners, which paid $51 million for the asset, Cabarrus County public records show.
The deal marks the buyer’s first purchase in the Charlotte metro. Avison Young worked on behalf of the seller, while Stonelake Capital Partners was represented in-house.
The Class A facility is at 7040 Northwinds Drive NW, within the Concord Airport Business Park. The seven-building industrial campus was developed by The Silverman Group and totals approximately 2.1 million square feet.
The property came online in 2014 as the first building on the campus and includes 36-foot clear heights, four grade-level doors and 84 dock-high doors. Amazon is fully using the property as a fulfillment center.
The one-story building is on nearly 39 acres, close to Concord Padgett Regional Airport and to Interstate 485, that allows easy connection in the area. The property is 17 miles from Charlotte, 23 miles from Charlotte Douglas International Airport and within 64 miles of Winston-Salem, N.C. Vice President Abby Rights and Principals Chris Skibinski and Henry Lobb with Avison Young worked on behalf of the seller. Director Mark Hedrick, together with Investment Associate Jack Harvey and Partner William Jenkins represented Stonelake Capital Partner in-house.
Industrial deals in Charlotte
Charlotte’s industrial sales volume reached $683 million as of October, a recent CommercialEdge report shows. The metro outperformed Baltimore, with $458 million, and Memphis, with $294 million, in the South region. The metro’s industrial vacancy rate clocked in at 4.3 percent, keeping its position as the tightest market in the South, significantly below the national figure of 7.2 percent.
Significant industrial deals closed this year includes LM Real Estate’s $97 million purchase of a 1.4 million-square-foot property. The company picked up the asset from a joint venture between Somerset Properties and Waterfall Asset Management.
In March, Equus Capital expanded its footprint in North Carolina with the acquisition of a nine-building industrial portfolio near Charlotte and Greensboro. The 1.4 million-square-foot portfolio changed hands for $124 million through a sponsored value-add fund called Equus Investment Partnership XII LP.